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The New Zealand dollar had a relatively quiet session during the day on Wednesday, as we continue to see support at the 24-hour exponential moving average. The 0.71 level continues to offer a bit of psychological resistance, but given enough time I do think we break above there. Pullbacks of this point should be a nice buying opportunity as the moving averages all look very bullish, and of course the 0.70 level underneath would attract a lot of attention as it is a large, round, psychologically important number. , it makes sense that pullbacks will be looked at as value. It’s not until we break down below the 0.70 level that I would remotely consider selling this market, as the New Zealand dollar has outperformed its cousin, the Australian dollar. It might be noisy, but when you look at the chart there is no denying that we have been in an uptrend.
The long, slow grind higher
The market looks likely to chop with a slight upward bias going forward, and that is how I am assuming we will move. I believe that it will be a “long, slow grind higher” going forward. The market will probably look for the 0.70 level above, possibly even higher than that. If we break down below the 0.70 level, the market will probably go looking for the 0.69 level underneath which had been supportive as well. With all of the choppiness, you will probably have to be very patient going forward, as there is a certain amount of noise and slow positivity. The kiwi dollar is certainly stronger than the Australian dollar, so if you feel the need to buy an Asian currency, this may be the one to buy unless of course you are talking about some type of selloff in a Japanese yen pair.

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